Bank Deposits Rose By N6.95tn In 12 Months – CBN

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The Central Bank of Nigeria has reported that Bank deposits between February 2020 and February 2021 rose by N6.95trn.

This was contained in a report on some of the personal statements of members of the Monetary Policy Committee.

It also revealed that broad money supply (M3) declined in January 2021 due to the fall in net domestic assets of depository corporations.

The CBN stated that net foreign assets of the banking system grew by 1.3% to N7.22trn at the end of January 2021.

Part of the statement read, “However, there were moderate declines in returns on equity and returns on assets and a significant rise in the share of operating incomes in total interest incomes of Deposit Money Banks.

“All measures of bank size, total assets, credit and deposits significantly rose year-on-year. Over N4.56tn additional credit was created in the last one year, N300bn in the last one month and N6.95tn of additional deposits.”

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